ksl is also a PR here and has bought an HDB flat somewhere in the northeast probably within walking distance of where I'm staying as well. Course I walk home from work at night (2.4km) so maybe it a bit further for some others.chandvi wrote:Need everybody's advice and shared experience on buying property, especially HDB flat in Singapore.
As Singapore PR, I have a dillema in buying a HDB flat.
Which one better? Buying a flat at a pretty aging building (20 years+) or something considerably new around 5 - 6 years.
This depends on where you are planning on buying. I bought a 14 year old flat 9 years ago. Still in it today. (It was as 5 room resale flat)
The old flat will have lower valuation price; therefore it definitely will be better in term of mortgage, agency fee, admin fee as well as the first installment (at 10% according to the new rule). Furthermore, the old flat mostlikely is having bigger space as well.
Older flat do not necessarily have a lower valuation price. It depends on HOW old they are and where they are located. Most older flats have built up estates with lots of commercial enterprises supporting the estate. Newer estates have problems with bus and other transport services, lack of amenities, no hospitals or good schools nearby. Most definitely an older flat will have more space (although not too old as they tend to get smaller as well.) 15 to 25 year old flats are the largest comparatively speaking. Also, the flats of that era are larger in places like Yishun & Woodlands than they are closer into town.
However, on the other hand, there always be the fear that the building will be undergoing some major upgrading (e.g: lift upgrading, balcony etc etc) which eventually will cost a bomb. As a SPR, we will not entitle to some government grant pertaining to those upgrading activities; thus eventually we have to pay much much higher than the local Singaporeans. Not to mention if HDB decided to demolish the building. The rumor said HDB will indemnify slightly lower than valuation price.
Having said that, what would forum think (or probably some of forumers have valid experiences) about the case? Is it worth to pay more but having peaceful future? What happen to SPR if HDB decided to take back the flat?
There is no such thing as a peaceful future. If you buy a younger flat, there is not any guarantee that they won't take them back as well. If you are going to buy a flat, you won't keep it more than around 10 years anyway before you upgrade. Frankly, if the economy keeps going the way it's heading, you would be wise to buy a old flat to save some money. As far as the government taking the flat back, most if not all come out well ahead of the game when that happens. Only a few sob stories are ever heard.
Ay thoughts would certainly be welcome. Thanks in advance
Users browsing this forum: No registered users and 1 guest